Manila: The local stock market slipped on Friday as investors remained cautious ahead of the expected big-time oil price hike next week, while the peso closed almost flat against the United States dollar. The Philippine Stock Exchange index (PSEi) fell by 1.72 percent to 5,855.91, while the broader All Shares declined by 1.22 percent to 3,277.80.
According to Philippines News Agency, among the sectoral indices, only mining and oil closed in the green, up by 1.65 percent. Holding firms and services recorded the biggest decline at 2.45 percent and 2.53 percent, respectively. Regina Capital Development Corp. head of sales Luis Limlingan stated, "Market sentiment remained cautious amid expectations of a significant increase in domestic gas prices next week." Limlingan added, "Investors continued to monitor the potential impact of higher energy costs on operating expenses and broader market sentiment."
The Philippine market ended with 79 gainers, 117 decliners, and 43 unchanged. Meanwhile, the peso closed at 62.73 to a dollar on Friday from the previous day's 62.74 finish. It opened at 62.7 and traded between 62.59 to 62.77, with the weighted average of the day at 62.67. Trading volume increased to USD1.50 billion from USD1.26 billion the previous session.
